Assessor Resource

FNSFMB403A
Present broking options to client

Assessment tool

Version 1.0
Issue Date: May 2024


This unit applies to job roles in the finance and mortgage broking industries.

This unit describes the performance outcomes, skills and knowledge required to collect information, conduct relevant research and develop and present broking options to a client.

This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)

Employability Skills

This unit contains employability skills.



Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

identify relevant information based on industry and product knowledge and match it to client needs

present information to clients effectively

negotiate effectively and gain commitment from a client.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to lending product information

access to relevant software system and data.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

observing processes and procedures in workplaces or role plays

verbal or written questioning on underpinning knowledge and skills

setting and reviewing workplace projects and business simulations or scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

well-developed communication skills to:

determine and confirm client requirements, using questioning and active listening as required

build rapport with the client and clearly explain recommended product features, advantages and disadvantages

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

customer service skills such as:

providing appropriate contact with client throughout the broking procedure

presenting information in a variety of formats to ensure understanding

appropriate timing of events in the broking process

research and analysis for accessing, interpreting and managing complex information and analysing client needs and product features

numeracy and IT skills to:

access and use appropriate software to determine loan terms, interest rates, payments and other relevant information plus spreadsheets and databases

calculate client debt and risk quickly and accurately

access internet information

literacy skills to:

read and interpret organisational and industry information

prepare client records and related documentation

organisational skills, including the ability to plan and sequence work

Required knowledge

basic accounting and mathematical techniques to calculate:

interest rates

mortgage payments

other relevant terms of a loan

government grants such as:

First Home Buyer assistance packages

special assistance for disadvantaged or low income earners

others that are current and relevant at the time of client interest

negotiation techniques

presentation techniques including technology supported

products and services provided by the organisation's appropriate lenders

relevant fees, charges and commissions

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Additional industry information may include:

financial reports and brochures

internet research

new company information about products, services and special features

statistics from respected magazines and consumer reports.

A format for presenting information may include:

a presentation prepared in advance:

in document format

presentation software

overheads

other presentation methods

a written report or proposal

verbal information presented directly to the client.

Products and product features may include:

additional payment features

fixed or variable rates features

investment property products

partial interest offset features

rate lock features

redraw features

residential mortgage products

for finance brokers specifically:

chattel products

commercial mortgage products.

Fees, charges and commissions may include:

commissions from lenders

commissions paid to franchisees

down payments

interest payments

loan establishment fees

loan value fees

taxes and payments to secure a property

stamp duty

trailing commissions.

Strategic and commercial relationships may include:

exclusivity of relationships with certain banks or lenders if products are those of the organisation.

Client concerns may include:

possible accrued debt

price/interest resistance

resistance to company or broker

risk

timing issues

uncertainty about the product.

Implementation actions may include:

collecting relevant information for loan processing

collecting support documentation for loan processing

obtaining signatures from relevant persons and officials.

producing accounting information

updating bank and finance information.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Lender products, services and features are reviewed and additional industry information researched, where necessary, for lender products and services that are relevant, could impact or provide additional benefits to clients 
Clients needs are acknowledged and compared to most appropriate lender product and service 
Relevant lender information, product information, and support material are gathered and developedin a clear and concise format for the client 
All information is organised clearly and concisely in a manner appropriate to the client's needs and level of understanding 
Recommended product and its features is explained to client in a clear and unambiguous way with the impact of recommendations clearly and comprehensively discussed with the client including strengths, weaknesses, benefits and risks 
Fees, charges and commissions are clearly explained to client 
Strategic and commercial relationship of the representative and their organisation to recommended products is communicated to the client 
Client concerns, if any, are identified and responded to appropriately and alternatives to recommendations presented when requested 
Client is encouraged to make informed choices using the relevant information and documentation presented 
Agreement to proceed is obtained from client once concerns and issues are worked through and implementation actions discussed, clarified and agreed between client and broker 
Client records are created or updated appropriately and in a clear and concise format in anticipation for preparation of the loan application 

Forms

Assessment Cover Sheet

FNSFMB403A - Present broking options to client
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSFMB403A - Present broking options to client

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: